Gold Weekly Technical Outlook For Sunday November 27th

Gold's fall from 1804.4 extended to as low as 1667.1 before forming a temporary low there and turned sideway. Initial bias is neutral initially this week and some more sideway trading might be seen. But near term outlook will stay bearish as long as 1736.6 support turned resistance holds. Current development suggests that whole rebound from 1535 has completed with three waves up to 1804.4. Below 1667.1 will target a test on 1535 support. On the upside, though, break of 1736.6 will turn focus back to 1804.4 resistance instead.

In the bigger picture, current development argues that correction from 1923.7 is going to extend with another fall. However, there is still no clear sign of long term trend reversal yet and price actions from 1923.7 would still be finally unfolded as correction/consolidation only. Hence, while the fall from 1804.4 might extend further lower, we'll look for reversal signal again inside 1478.3/1577.4 support zone. Above 1804.4, on the other hand, will target a test on 1923.7 high.

In the long term picture, with 1478.3 support intact, there is no change in the long term bullish outlook in gold. While some more medium term consolidation cannot be ruled out, we'd anticipate an eventual break of 2000 psychological level in the long run

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